Question

The purpose of the consumer financial protection bureau (cfpb) is accurately explained by which statements? (check all that apply.)

A) The CFPB is tasked with regulating the stock market.
B) The CFPB aims to ensure that financial products and services are fair and transparent for consumers.
C) The CFPB focuses on promoting the profitability of financial institutions.
D) The CFPB is responsible for overseeing international trade agreements.
E) The CFPB works to prevent discrimination in financial services.

Answer 1

The CFPB's purpose is to improve financial transparency, protect consumers from abusive practices, and prevent discrimination in financial services, but it does not regulate the stock market, promote financial institution profitability, or oversee international trade.

Step-by-step explanation:

The purpose of the Consumer Financial Protection Bureau (CFPB) is accurately explained by the following statements: The CFPB aims to ensure that financial products and services are fair and transparent for consumers. This involves improving accountability and transparency in the financial system, protecting consumers from abusive financial services practices, and working to prevent discrimination in financial services.

The CFPB is not tasked with regulating the stock market, promoting the profitability of financial institutions, or overseeing international trade agreements.The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, and other financial companies operating in the United States.

Since its founding, the CFPB has used technology tools to monitor how financial entities used social media and algorithms to target consumers.